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You ought to read this as that flash you see this morning is not the sun -- it's a nuke that's gone off on our economy, and it's been a long time coming.
If you're on the left you won't. But you should anyway.
Tucker gets a lot of the reasons wrong, which I'll explain further on, but he doesn't get the basic facts wrong.
The real problem is families. America used to be the best country in the world for families. Americans could get married and afford to raise their own children. If your kids worked hard, you could expect that maybe they’d be a little more successful than you were. That was what we called the "American Dream."
For a small group of affluent people, it still exists. They’re still living like it’s 1965. Good for them. But for everyone else, that dream is dying. America’s middle class is in decline because middle class American families are declining.
So the question is why is that happening? There are lots of reasons, but a major driver of family collapse, the one nobody ever talks about for some reason, is simple economics.
So is the cheering for the Democrat Congress something that would work toward fixing this problem?
Pelosi promised to “restore integrity to government” and outlined an agenda “to lower health costs and prescription drug prices and protect people with pre-existing medical conditions; to increase paychecks by rebuilding America with green and modern infrastructure from sea to shining sea.”
Uh huh.
Now how are you going to pay for all that, given that the nation is already broke.
Oh sure, it doesn't look that way. But consider your finances. You lose your job. You owe $20,000 on your credit cards, and have $1,000 in the bank. You may not look broke at that instant in time but you are because your cash flow is insufficient to keep the lights on on a forward, perpetual basis.
As long as you can con people into loaning you more money you may appear to be ok but in fact you're not.
There is an implied covenant of both ability and intent to pay in all loans, including credit cards, so the minute you lose your job and can't pay them off with what you have on hand it's actually a violation of your duties to keep using them -- you are breaking that covenant and actually committing fraud if you charge a single additional dollar beyond that point. Not that anyone gets prosecuted for it of course but it's the truth.
As soon as the credit card company figures out you're broke, however, you're screwed. At that point they start suing and your cards don't work any more.
Pelosi wants to talk about "pre-existing conditions" and "drugs" but in the time she was Speaker under Obama she did exactly nothing to address actual cost. All she did was steal. In the process she managed to******off millions of productive Americans who are choosing to produce less. I'm among them.
I'm quite capable of earning a six-figure income. That's not bluster; there are plenty of years in my Social Security earnings record to prove it. During a number of those years my earning that six-figure income happened because I ran a company that employed a bunch of other people as well, so multiply that six figure income by 10 or 20 in terms of total economic -- and tax payment -- impact.
I will not, ever, do it again so long as the government demands that the second $20,000 in MAGI (Modified Adjusted Gross Income) I earn be taxed at more than 50% by some health insurance company for crap coverage I never use. The fact is that I'm paying off some junkie's hospital and doctor bill at 500% monopolist-inflated prices if I consent to that and I'm consenting to all the felonies in the medical system that take place daily but Pelosi (and the GOP for that matter) refuse to prosecute.
I can say no to both, and have.
I will continue to say no.
You can't force me to say yes.
This is not a negotiation or an "opening bid" -- it's a statement of fact.
You can't force me to go to work and produce at my potential; this is the lesson of the USSR and every other heavily socialist and communist nation. You can potentially make me go to work through shoving a gun up my nose but you can't make me innovate, create or even work to my potential at some assigned task. There is no human way to force someone to create, only to robotically perform some function (as a slave.)
The problem with ordinary families being unable to make ends meet and get ahead all rests in the medical and educational fields and all of it is due to government protection of monopolies that have been illegal for more than 100 years.
Occasional Cortex has floated the idea of taxing "rich people" at 70%. That's nice, considering that a middle-class guy like me already gets a higher effective tax rate on my second $20,000 of income -- and someone making $40,000 a year is hardly rich!
Let's add it up:
Gross, $40,000. (That's $20 an hour of work for 2,000 hours of work, which is 50 weeks of 40 hours each. Hardly "richly" compensated.)
FICA + Medicare tax, 15.3% (both halves)
Federal Income tax: ~7% (blended rate including standard deduction)
That's 22.3% up front, so out of my $40,000 to start I lose $8,920. I have $31,080 left.
Obamacare, unsubsidized for a single man my age: $900/month (for a crap policy with a $4,000+ deductible!)
That's $10,800 out for "mandatory" health insurance. I have $20,280 left, and note that all of that for the worthless "health insurance" came out due to my second $20,000 in MAGI; if I only made the first $20,000 Obamacare would subsidize (force someone else to pay) all but a few hundred dollars of it a year!
I haven't paid State income tax (if I live in such a state) or property tax (which everyone pays, either directly or in rent) yet. Does anyone really think you can do that for under $1,000 anywhere? Nope, and nope. So now I've got less than half of my $40,000, and on that I must try to live.
Forget it folks.
Got a kid in there -- or spouse? If the latter double the health insurance hit. Yeah.
How does a "middle class" family make it happen with one income? You can't. So why bother trying? Why get married? Why have kids within a marriage? What incentive is there not to sponge off "everyone else" and what happens when there is no longer an "everyone else" to sponge off because virtually everyonesees these incentives and responds to them?
We're there folks.
We're simply drawing on the "bonds" that supposedly were once 'lock boxed' but no longer are (and in reality never were) but they present a convenient accounting fiction when the deficit numbers come out -- and thus people think they should lend to our government at quite-low rates.
What is your interest rate offer when you are unemployed, you are taking in almost no money and spending far more than you make? It's crazy high, right?
Well, what do you think is going to happen when the markets and people who lend to the government figure out that (1) the health scam is going to continue to expand because the felonies are intentionally overlooked and thus those people doing it get bolder by the day in the amount they screw you for and (2) the number of people who can make six-figures or better but who refuse and instead make $20,000 a year and take the "free" health care they don't need continues to skyrocket depriving the government of even more tax revenue?
All this nonsense about $5 billion for a wall is just that -- it's crap. Government currently spends almost that much in a single day on Medicare and Medicaid and even on those government price-controlled programs it's still jacked by 500%!
There is only one way to stop the detonation that is going to occur but doing so means nearly all of the 300,000+ people hired to prosecute that scam over the last year (and the quarter million or so every year for the last ten!) are almost all going to lose their jobs. The only people who won't are actual doctors and nurses, who provide real care to real people -- but most of them will wind up taking a big pay cut. On the other hand since taxes will come down they likely won't get hurt much - if they're doctors or nurses. Everyone else will have to find something else to do.
The good news is that quite-quickly there will be plenty of other things for them to do. Not instantly, but in months rather than decades. Among other things I'd set up another business, but even if I didn't -- I'd be paying a lot more in taxes because I'd be earning a lot more money!
But the left/right nonsense going on now won't get it done.
There's only one path forward that doesn't lead to a flat-out economic and fiscal collapse -- to take on the medical monopolists, all of them, break them up and for those who refuse put them in prison. Then apply the same sanctions to the educational monopolists in the colleges, universities and trade schools.
We must do it now.
Tucker has the underlying issue right -- that the American family is basically dead and buried unless you're in the top 1% of incomes, but he doesn't go anywhere near the real reason. Part of why is that the people doing the screwing are bribing the right side of the aisle with campaign donations. But then again nobody on the left is taking it on either -- on purpose, as they love the voters they generate by the medical monopolists screwing you and claiming the other side did it.
But both left and right had better cut it out because if they don't, and we the people don't insist that both do actually fix it there will be tens of millions of dead Americans along with a destroyed asset marketplace -- stocks, bonds and other fixed investment such a real estate.
Time's up.
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